Car prices are on the rise around the world. Yet despite this inflationary wave, one carmaker is moving in the opposite direction. BYD has cut prices on 22 of its electric and hybrid models, bringing the price of its popular Seagull electric vehicle below that of a high-end road bike.
At first glance, it may seem like a desperate attempt to boost sales in a slowing market. But that reading misses the bigger picture.
The Seagull, already a global outlier for its low price, has dropped further to just Rmb55,800 ($7,780) in China. The most dramatic cut was for the Seal dual motor hybrid, which fell by Rmb53,000 to Rmb102,800.
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